Are you prepared for a critical illness or disability?
What would happen if you were diagnosed with a critical illness yesterday? Are you prepared? Could you cover all of your expenses if you were off work for six months or more due to a critical illness or disability?
There are several options for covering costs if your income is lost:
- Use the money in your savings account. How long will the money you have saved sustain you?
- Take money from your RRSP. You’ve worked hard to fund your retirement. If you spend that money now, how will you support yourself after you retire?
- Borrow from family. If you can borrow from family, it will have to be paid back when you are back to work.
- Line of Credit. This may sustain you for a short time off work, but it will have to be re-paid.
- Critical illness insurance pays a lump sum when you are diagnosed with a critical illness. This money can help pay expenses related to the illness (i.e. medications), and regular bills (i.e. mortgage).
- Disability insurance pays a monthly amount to help cover expenses.
A critical illness can happen to anyone:
- It is estimated there are over 70,000 heart attacks in Canada each year
- An estimated 3,075 Canadians will be diagnosed with cancer every week
Accidents and illnesses are a fact of life:
- 1 in 3 people, on average, will be disabled for 90 days or longer at least once before age 65
- The average length of a disability that lasts over 90 days is 2.9 years
Doucett Insurance offers a full range of life and health insurance products, and has been serving clients in Eastern Ontario for over 30 years. As a broker, we work with many insurers in order to obtain the product that fits our clients’ needs in the most cost-effective manner.